Non Resident individuals / customers can avail of accounts under HSBC Premier, HSBC Advance and the Basic Banking Savings Bank Deposit Account (BSBDA).
With effect from 2nd May 2014 , accounts under HSBC Advance or the BSBDA can be opened when the Non Resident individuals are present in India.
Existing account holders can continue to maintain their Savings or Current accounts under HSBC Premier, Advance or Personal Banking. In case the existing account (NRE and NRO) is to be converted to BSBDA, written instructions will be needed signed by all the account holders. Any other existing savings and current accounts, will have to be closed within 30 days of the account being converted to BSBDA.
Do refer to the website from time to time for updated terms and conditions, eligibility criteria and schedule of charges.
Transactions on your Non Resident (NR) account in India are required to be in line with the guidelines prescribed under the Foreign Exchange and Management Act, 1999 (FEMA).
To ensure that we adhere to this requirement, we have developed our systems and processes to help you capture the purpose or the source of the transaction(s) undertaken on your NR accounts. This includes Internet and Mobile banking platforms along with our deposit slips and cheque leaf and books are being enhanced to assist you in capturing the ‘purpose’ of the transactions.
Also note, the RBI has issued recent clarification wherein transfers between two NRO accounts maintained by the same person or otherwise should be in compliance with the debits and credits to NRO accounts as prescribed under FEMA.
The link to FEMA notification with respect to Non Resident Accounts is as below:
Do note that account with effect from 14 March 2016
1. Transfer(s) between NR account(s) i.e Non Resident External (NRE) and Non Resident Ordinary (NRO) will not be permitted on HSBC PhoneBanking IVR and hence we request you to please conduct such transfers by visiting alternate channels available (e.g. Branch, Personal Internet Banking etc.).
2. Mention the ‘purpose/source’ of a transaction(s) undertaken to/from your HSBC NR account/s
3. Check existing Standing instruction(s) placed through Internet Banking to ensure that the ‘purpose’ of such instruction(s) are in line with the extant FEMA guidelines
For any assistance on this communication, please:
1. Contact your Relationship Manager in India
2. Call HSBC Phone Banking
3. Visit any HSBC NR Centre in India
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Key Things You Should Know - NRI Advance.
Key Things You Should Know - NRI Savings Account.
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NR deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.
NR Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.
NR deposits are offered under the Reserve Bank of India program for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programs, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.
Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.
NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the U.S.A., nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. Under current U.S. tax laws, U.S. citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the U.S. treatment of income from these deposits.
HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.
NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licensed by the Central Bank of the United Arab Emirates.
Deposits/accounts held with HSBC India are not protected deposits under the Hong Kong Deposit Protection Scheme and are not protected by such scheme.
For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.